Question
12. How much must you deposit today, in an account which earns 3.5% annually, if you want to have $86,000 nine years from now? a.
12. How much must you deposit today, in an account which earns 3.5% annually, if you want to have $86,000 nine years from now? a. Excel command ____________ b. answer ____________ 13. Suppose you settle on a retirement goal of $767,400 which you would like to have 47 years from now. How much do you need to invest per month in an account which grows at an annual rate 6.8% in order to meet your goal? a. Excel command ____________ b. answer ____________ c. How much money will you have deposited into this account over the 47 years? ____________ d. How much interest will you have earned in this account over the 47 years? ____________ 14. Suppose you deposit $8,700 in an account which pays interest compounded quarterly. What interest rate would need to earn for your balance to reach $9,715 in one-and-one-half years? a. Excel command ____________ b. answer ____________ 15. Suppose you have decided to purchase an automobile. You analyze your personal budget and decide you can afford monthly payments of $282 for seven years. If your loan carries an annual interest rate of 8.48%, what the highest priced car you can afford? a. Excel command ____________ b. answer ____________
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